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CIBC Sells Cayman Trust Business

Stephen Harris

13 March 2007

Bayshore Bank & Trust (Barbados) is to acquire the financial services business of the Barbados branch of CIBC Bank and Trust Company (Cayman). This acquisition follows the recent news that Bayshore is acquiring Turks and Caicos Islands based Private Counsel Trust. CIBC (Cayman)’s Barbados branch provides fiduciary, company management and other financial services to a portfolio of Canadian based clients. All of CIBC Cayman’s Barbados branch staff will be offered positions with Bayshore in Barbados so that clients have continued access to their relationship managers.